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Get your taxes done using TurboTax
Yes. You can get back all the taxes you paid on the money. Since the amount repaid is more than $3,000. the code contains a relief provision under IRC 1341
recompute the taxes in the year you received the payment (2022) by excluding the payment.
the decrease in taxes is taken as a credit in the year you made the repayment so if it was 2024 you'll have to wait until you file the 2024 return in 2025. if you repaid in 2023 the credit is taken on the 2023 schedule 3 line 13b
keep a copy of the revised return (PDF) but do change it back so there are no issues should something arise concerning the 2022 return. you can not amend 2022 for this repayment.
March 15, 2024
12:37 PM